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HomeMy WebLinkAboutAGENDA REPORT 1997 0716 CC REG ITEM 08ASTAFF REPORT TO: Mayor and Members of the Moorpark City Council I FROM: RICHARD HARE DEPUTY CITY DATE: July 16, 1997 1/Y -755 ITEM Re - CITY OF MOORPARK, CALIFORNIA City Council Mating Of. 4111(-: 1 , ACTION: SUBJECT: City of Moorpark Community Facilities District 97 -1 Proposed) (Carlsberg Business Park Public Improvements) BACKGROUND On December 18, 1996, the City Council approved the recommendations of the City's Financial Advisor and engaged the professionals necessary to proceed with the preparation of documents related to the formation of the proposed Community Facilities District No. 97 -1, Carlsberg Business Park Public Improvements (CFD 97 -1) and the proposed issuance of Special Tax Bonds. CFD 97 -1 and the related Special Tax Bonds will fund basic infrastructure for the business park /sub - regional retail commercial portion of the Carlsberg site (Specific Plan 92 -1). The District is expected to comprise approximately 40 acres of sub - regional retail /commercial development and 33 acres of business park development. However, the District may be expanded to 73 acres of sub - regional retail /commercial uses consisting of a maximum of 795,000 square feet of retail /commercial space. Alternatively, the business park uses may be expanded from 33 acres to 73 acres if required to accommodate a single corporate headquarters or similar campus -style use. Approximately 1,900,000 square feet of office buildings on the 73 acres would be permitted in this configuration. Tract 4973 subdivides the 73 acres within the District into Lots 1, 2 and 4, comprised of 29, 11 and 33 acres, respectively. These three large lots may be further subdivided into smaller lots to accommodate a variety of retail, commercial and business users. The public improvements being financed with the proceeds from the sale of the Bonds the "Project ") are expected to include the construction of (including engineering and design) power, telephone and gas utilities, street (including portions of Science Drive, New Los Angeles Avenue and Spring Road), curb, gutters, sidewalks, hiking and open 1 B.M0.07/09/97 STFRPT3.02 space trails, landscape, hardscape and striping, traffic signals, street signs and street lights. DOCUMENTS The City Council is being asked to approve a number of Resolutions relative to the formation of CFO 97-1 and to authorize the issuance of Special Tax Bonds related to the construction of certain public improvements. The first Resolution is entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing The Levy of a Special Tax Within The District and Preliminary ~stablishing An Appropriations Limit For The District. 11 This Resolution restates certain matters that were previously adopted by Resolution No. 97-1280 entitled 11 A Resolution of the City Council of the City of Moorpark of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Tax Pursuant to the Mello Roos Community Facilities Act of 1982. 11 In addition, the Resolution declares that those matters contained in the above-stated, previously adopted Resolution were true and correct and that the City Council declares that the District is -complex, due to the facilities originally proposed to be financed and that the rescheduling of the public hearing from April 2, 1997 to July 16, 1997 was appropriate and that the Local Goals and Policies for Community Facilities Districts adopted by Resolution No. 97-1279 are in conformance with the proposed CFO 97-1 and that certain boundary adjustments are hereby made. In Addition, the Resolution also states that the improvements to be financed are consistent with the Act. Furthermore, the Resolution directs the Finance Director to take certain actions in regards to the preparation of a current roll of special tax levy obligations and to estimate future special tax levies pursuant to the Act. (It should be noted by the City Council that the City will contract with a special tax consultant to prepare the annual tax levies. Such consultant fees, and other on-going City-related expenses, will be a continuing obligation of the District, not of the City). The second Resolution is entitled II A Resolution of the City Council of the City of Moorpark Determining the Necessity to Increase Bonded Indebtedness Within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements). 11 This Resolution restates certain matters previously adopted by City Council Resolutions No. 97-1280 and No. 97-1281. It also states the necessity to incur bonded indebtedness in the maximum aggregate principle amount of $7,800,000 for a term not to exceed thirty (30) years. The third Resolution, entitled II A Resolution of the City Council of the City of Moorpark Calling Special Election, 11 reiterates certain actions taken by the adoption of the two 1 B.M0.07/09/97 STFRPTJ.02 2 000002 r previously considered Resolutions. It calls for the City Council to call a special election to consider the measure, describes how the election is to be held, and by what method the balloting shall be accomplished. Given that the proposed District has fewer than 1 2 persons, the City Council will make a determination that the qualified electors are the landowners within the District. In addition, the Resolution states that the City Clerk accepts the ballots of the qualified electors in the City Council Chambers. It also states that the City Council finds that the provisions of the numbers of minimum days following the adoption of the Resolution of Formation have been met. The fourth Resolution is entitled "A Resolution of the City Council of the City of Moorpark Declaring Results of Special Election and Directing Recording of Notice of Special Tax Lien." This resolution states that issues presented at the special election were the incurring of a bonded indebtedness in the maximum aggregate principal amount of $7,800,000, the levy of a special tax to be levied in accordance with the "rate and method", and that other related issues were approved by more than two- thirds of the votes cast at said special election. In addition, the Resolution states that the District is fully formed with the authority to incur bonded indebtedness and to levy special taxes as provided in the preceding and in the Act. The fifth Resolution is entitled "A Resolution of the City Council of the City of Moorpark Determining and Levying the Special Tax in Community Facilities District No. 97-1 for Fiscal Year 1997-98." This Resolution determines the special tax levy as shown in Exhibit A, attached to the resolution. It also directs the County of Ventura Auditor-Controller to prepare a real property tax statement for each parcel within the District and to take certain other actions necessary for the future collection of taxes. (Please note that Exhibit A is incomplete. The actual special tax numbers will be handed out the to City Council prior to the meeting on July 16th.) Prior to adopting the sixth and final Resolution, the City Council is being asked to consider the first reading of "An Ordinance Levying Special Taxes Within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements)." This proposed Ordinance states by the passage of said Ordinance, that the City Council authorizes the levy of special taxes within the District in accordance with the adopted rate and method of apportionment set forth in a previously adopted Resolution and hereby authorizes the Finance Director to take certain actions related to determining the amount of the special tax and to implement its collection. The sixth and final Resolution to be considered by the City Council is also the final action to be taken tonight relative to CFO 97-1. The final resolution is entitled "A 1 B.M0.07/09/97 STFRPTJ.02 3 000003 Resolution of the City Council of the City of Moorpark Authorizing the Issuance of Special Tax Bonds of the City of Moorpark for Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Approving and Directing the Execution of a Fiscal Agent Agreement, and Approving Other Related Documents and Actions." This Resolution simply states that the City Council has conducted certain proceedings under the Act to form CFO 97-1 and has authorized the levy of a special tax. It further states that now that these actions have taken place, and that the City Council is now authorizing the issuance of an aggregate principal amount not to exceed $10,500,000 of Special Tax Bonds. In addition, the Fiscal Agent Agreement between the City and First Trust of California National Association is hereby considered and approved, the "bond purchase contract" between Miller and Schroeder Financial, Inc. and Seidler-Fitzgerald Public Finance is also approved as well as the Official Statement in the form presented. RECOMMENDATION 1 . It is recommended that the City Council approves the five above-presented Resolutions and introduce the above-presented Ordinance for first reading. 2. Schedule another City Council meeting on July 23, 1997 (which is seven ( 7) days after the first reading of the Ordinance) for its second reading. 3. The City's Special Tax Consultant, Bond Counsel and Financial Advisor will be at the meeting to answer any questions and to assist the City Council through the public hearing process. 1 B.M0.07 /09/97 STFRPT3.02 4 000004 , RESOLUTION NO. 97----- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK OF FORMATION OF CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS), AUTHORIZING THE LEVY OF A SPECIAL TAX WITHIN THE DISTRICT AND PRELIMINARILY ESTABLISHING AN APPROPRIATIONS LIMIT FOR THE DISTRICT WHEREAS, on February 19, 1997, this City Council adopted Resolution No. 97-1280 entitled "A Resolution of the City Council of the City of Moorpark of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention"), stating its intention to form the city of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"); and WHEREAS, the Resolution of Intention, incorporating a map of the proposed boundaries of the District and stating the facilities and services to be provided, the estimated maximum cost of providing such facilities and services, and the rate and method of apportionment of the special tax to be levied within the District to pay the principal and interest on bonds proposed to be issued with respect to the District, is on file with the City Clerk and the provisions thereof are incorporated herein by this reference as if fully set forth herein; and WHEREAS, the Resolution of Intention called for a public hearing on the District to be held on April 2, 1997, and on that date the public· hearing was opened and continued by the City Council to April 16, 1997; and WHEREAS, due to the complexity of the facilities proposed to be financed and the other public agencies involved, the proponent of the District requested additional time to allow for the improvements to be considered and further developed; and WHEREAS, due to the complexity of the District, the public hearing called pursuant to the Resolution of Intention was then rescheduled to July 16, 1997, and notice of said rescheduled hearing was published as required by the Act; and WHEREAS, on this date, this City Council held the rescheduled 1 000015 public hearing as required by the Act and the Resolution of Intention relative to the proposed formation of the District; and WHEREAS, at said hearing all interested persons desiring to be heard on all matters pertaining to the formation of the District, the facilities to be provided therein and the levy of said special tax were heard and a full and fair hearing was held; and WHEREAS, at said hearing evidence was presented to this City Council on said matters before it, including a report by the Director of Public Works (the "Report") as to the facilities to be provided through the District and the costs thereof, a copy of which is on file with the City Clerk, and this City Council at the conclusion of said hearing is fully advised in the premises; and WHEREAS, at the request of the proponent of the District, the City Council determined at the public hearing to include in the list of facilities to be financed by the District only those facilities that will be owned by the City and one other public entity, and the City Council determined at the public hearing that no services are intended to be funded by the District; and WHEREAS, written protests with respect to the formation of the District, the furnishing of specified types of facilities and the rate and method of apportionment of the special taxes have not been filed with the City Clerk by fifty percent (50%) or more of the registered voters residing within the territory of the District or property owners of one-half ( 1/ 2) or more of the area of land within the District and not exempt from the special tax; and WHEREAS, the special tax proposed to be levied in the District to pay for the proposed facilities to be provided therein, as set forth in Exhibit B hereto, has not been eliminated by protest by fifty percent (50%) or more of the registered voters residing within the territory of the District or the owners of one-half (1/2) or more of the area of land within the District and not exempt from the·special tax; and WHEREAS, at the conclusion of the public hearing, it was determined that the facilities to be financed by the District be revised to be as reflected in Exhibit A hereto, and the Rate and Method of Apportionment be revised to be as reflected in Exhibit B hereto, copies of which Exhibits have been provided to the representatives of the landowners in the District. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. The foregoing recitals are true and correct. The City Council finds and determines that the District is complex, due 2 QOO(J16 to the facilities originally proposed to be financed by the District which involved other public agencies, and that the rescheduling of the public hearing to July 16, 1997 was appropriate in the circumstances and agreed to by the representatives of the owners of all of the land in the District. SECTION 2. The proposed special tax to be levied within the District has not been precluded by majority protest pursuant to Section 53324 of the Act. SECTION 3. All prior proceedings taken by this City Council in connection with the establishment of the District and the levy of the special tax have been duly considered and are hereby found and determined to be valid and in conformity with the requirements of the Act. On February 19, 1997, this City Council adopted Resolution No. 97-1279 adopting Local Goals and Policies for Community Facilities Districts, and this City Council hereby finds and determines that the District is in conformity with said goals and policies. SECTION 4. The community facilities district designated "City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements)" is hereby established pursuant to the ·Act. SECTION 5. The boundaries of the District, as set forth in the Map of the District heretofore recorded in the Ventura County Recorder's Office in Book 16 at Page 81 of Maps of Assessment and Community Facilities Districts, are hereby approved, are incorporated herein by reference and shall be the boundaries of the District. It is hereby acknowledged that one of the County Assessor's Parcel Numbers listed on the map should have been shown as 500-0-350-61, instead of 500-0-350-45. It is further acknowledged that the owners of land in the District have filed a new parcel map with the County Recorder, and no special tax was intended to be levied in the area of the District intended for residential development (as reflected in the Rate and Method of Apportionment of the Special Taxes for the District which does not include Lot 3 in either of the two Zones to be taxed). Accordingly, when the County has assigned new Assessor's Parcel Numbers for the land in the District, the City Clerk is hereby directed to record or cause to be recorded in the office of the Venture County Recorder a revised boundary map for the District which correctly lists the parcel numbers for the land to be included in the District and which eliminates from the boundaries of the District the area of Lot 3 (which is land intended for residential development). SECTION 6. The type of public facilities proposed to be 3 00001.7 financed by the District and pursuant to the Act shall consist of those items listed as facilities on Exhibit A hereto and by this reference incorporated herein (the "Facilities"). No services will be funded by the District. SECTION 7. Except to the extent that funds are otherwise available to the District to pay for the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to finance the Facilities, a special tax sufficient to pay the costs thereof, secured by a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this City Council or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District • to estimate the probable maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. SECTION 8. Facilities are local agencies District. It is hereby found and determined that the necessary to meet increased demands placed upon as the result of development occurring in the SECTION 9. The Finance Director of the City of Moorpark, 799 Moorpark Avenue, Moorpark, California 93021, telephone number (805) 529-6864, ext. 215, is the officer of the City which will be responsible for preparing annually a current roll of special tax levy obligations by assessor's parcel number and which will be responsible for estimating future special tax levies pursuant to Section 53340.2 of the Act. SECTION 10. Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of the California Streets and Highways Code, a continuing lien to secure each levy of the special tax shall attach to all nonexempt real property in the District and this lien shall continue in force and effect until the special tax obligation is prepaid and permanently satisfied and the lien canceled in accordance with law or until collection of the tax by the City ceases. SECTION 11. In accordance with Section 53325.7 of the Act, the annual appropriations limit, as defined by subdivision (h) of Section 8 of Article XIII B of the California Constitution, of the District is hereby preliminarily established at $1,000,000 and said appropriations limit shall be submitted to the voters of the District as hereafter provided. The proposition establishing said annual appropriations limit shall become effective if approved by 4 ()00018 the qualified electors voting thereon and shall be adjusted in accordance with the applicable provisions of Section 53325.7 of the Act. SECTION 12. Pursuant to the provisions of the Act, the proposition of the levy of the special tax and the proposition of the establishment of the appropriations limit specified above shall be submitted to the qualified electors of the District at an election the time, place and conditions of which election shall be as specified by a separate resolution of this City Council. SECTION 13. This Resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16u DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk 13003.0l:J2538 1 (JOO(J19 EXHIBIT A CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT No• 9 7 -1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS) DESCRIPTION OF FACILITIES TO BE FINANCED BY THE DISTRICT FACILITIES The planned public improvements include the following: gravity power, telephone and gas utilities, streets (including portions of Science Drive, New Los Angeles Avenue, Spring Road, Tierra Rejada Road and other roads), curbs, gutters, sidewalks, hiking and open space trails, landscaping, hardscaping and striping, traffic signals, street signs and street lights, and other landscaping and slope planting, all within or in the vicinity of the CFO. The improvements shall include all related clearing and grubbing, grading and appurtenances, and any removals or temporary signage or markings related thereto. The Facilities shall include all costs of engineering, design, fees, permits, bonds, supervision, planning, construction staking, inspection, materials A-2 000020 testing and coordination incident thereto. The Facilities shall also include capital improvement fees payable incident to development in the CFO. OTHER Bond related expenses, including underwriters discount, financial advisor, appraisals, reserve fund, capitalized interest, bond counsel, disclosure counsel, special tax consultant, bond and official statement printing and all other incidental expenses. Administrative fees of the City, the CFO and the Bond trustee or fiscal agent related to the CFO and the Bonds. A-1 OOOQ2l. From. Alan C i<apanicas To Fax#5298270 Date 719197 Time 2 13 34 PM EXHIBIT B RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS) A special tax shall be levied annually on each Parcel of land within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), based upon the Special Tax Liability determined by the Finance Director of the City of Moorpark (the "City"), or his designee, through the application of the following procedures. All of the property within the District, unless otherwise exempted by the express provisions of the rate and method of apportionment expressed below, shall be taxed to the extent and in the manner provided below. It is intended that all special taxes applicable to Parcels be collected in the same manner and at the same time as ordinary ad valorem property taxes, and that special taxes so levied will be subject to the same penalties and procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes, subject to any covenant for judicial foreclosure with respect thereto in the Fiscal Agent Agreement for any Bonds of the City for the District. Notwithstanding the foregoing, the City may collect the special taxes at such other times or in such other manner as necessary or convenient to satisfy the obligations of the District, including by means of direct billing of the affected property owners. MAXIMUM SPECIAL TAX ZONE A: The maximum special tax that may be levied in the Fiscal Year ending June 30, 1998 on any Parcel designated as Zone A is $11,200 per acre (said amount to be levied pro rata for any portion of an acre). ZONE B: The maximum special tax that may be levied in the Fiscal Year ending June 30, 1998 on any Parcel designated as Zone Bis $7,800 per acre (said amount to be levied pro rata for any portion of an acre). The special tax for Zone A and Zone B shall be levied annually. A Parcel shall be subject to the maximum special tax for not more than 30 years. ASSIGNMENT TO CATEGORIES; LEVY ANNUAL TAX CATEGORIES On or about July 1 of each year, but in any event in sufficient time to include the levy of the special taxes on the County's secured tax roll; the City Finance Director, or his designee, shall determine whether or not each Parcel within the District is Taxable Property, and whether such Page 1 of 6 000022 a:lmoorpark\1997-l lr&mafinaLdoc 07/09/97 JUL 09 '97 14:28 PAGE.01 From. Alan C Kapanicas To Fax#5298270 Date 7/9/97 T1rne 2 13 34 PM Parcel is designated as Zone A or Zone B. Parcels subject to levy shall be determined based upon the records of the County Assessor as of the January 1 preceding such July 1. The City Finance Director, or his designee, shall then determine the Special Tax Liability for the Fiscal Year commencing such July 1, and then shall allocate such liability among the Parcels and levy on each Parcel, as follows: Step 1: Determine the total Land Area of each respective Parcel and for all Parcels in the District. Step 2: Multiply the total Land Area for each respective Parcel by the appropriate maximum special tax for that Zone. Step 3: If the aggregate amount to be levied based on Step 2 above is greater than the aggregate Special Tax Liability for such Fiscal Year, reduce the special tax for each Parcel proportionately, so that the aggregate special tax levy for such Fiscal Year for all Parcels within the District is equal to the aggregate Special Tax Liability for such Fiscal Year. Under no circumstances will the special taxes levied against any Parcel used as a priva k: residence be increased as a consequence of delinquency or default by the owner of any otht:r Parcel or Parcels within the District by more than ten (10) percent, pursuant to California Government Code Section 53321(d), as in effect on the date of formation of the District. ALLOCATION OF SPECIAL TAX BY OWNERSHIP WITHIN A ZONE On or about July 1 of each year, but in any event in sufficient time to include the levy of the special taxes on the County's secured tax roll, the City Finance Director, or his designee, shall determine which Parcels in Zone A and Zone B are classified as Developed. For those Parcels classified as Developed, the special tax shall be reallocated among all Parcels having the same ownership, such that the aggregate tax levy for such Parcels equals the annual tax rate calculated above for such Parcels, as follows: Step a: Determine the total Building Floor Area for each respective Parcel and for all Parcels with the same ownership. Step b: Calculate the annual building special tax allocation at eighty percent (80%) of the Special Tax Liability for such Parcels, divided by the total Building Floor Area for all Parcels with the same ownership. Step c: Allocate the remaining twenty percent (20%) of the Special Tax Liability for all Parcels with the same ownership by acreage (said amount to be allocated pro rata for any portion of an acre) of Land Area within such Parcels. Step d: Calculate the sum of the building special tax allocation and the land special tax allocation for each Developed Parcel with the same ownership, such that the sum shall equal the annual special tax levy for such Parcels. a:\rnootpark\1997-1 \r&mafinal.doc 07 /09/97 2 oooQ23 PAGE.02 From Alan C Kapan1cas To Fax#5298270 Uate l1918i lime L 1 J .J4 r'IV1 PREPAYMENTS The special taxes may be prepaid and permanently satisfied for any Parcel subject to the levy of the special taxes, when (i) the assessed value of all remaining Parcels in the District equal or exceed the ratio of three and one-half-to-one (3. 5 to 1) of all remaining Bonds outstanding following such prepayment, or when (ii) all Parcels of Tax.able Property will be prepaid and permanently satisfied. An owner of a Parcel of Tax.able Property who desires to prepay and permanently satisfy the special tax obligation for a Parcel shall notify the City Finance Director in writing of his or her intention. The City Finance Director, or his designee, shall calculate and determine the prepayment amount, the value of all remaining Parcels, and such determination shall be final and conclusive. The prepayment amount for a particular Parcel shall be calculated as follows: 1. The prepayment amount is computed by dividing the Land Area for such Parcel by the total land area for all Parcels within the District, and multiplying the results by the principal amount of any outstanding Bonds. 2. The prepayment amount calculated in (1) above for a particular Parcel will N (a) increased in the amount of: (i) applicable redemption premium, if any, on the Bonds t,, be redeemed with such prepayment; (ii) an amount determined by the City Finan(:~ Director or his designee to offset any difference between the amount needed to pay dt:bt service on the Bonds and the amount derived from the reinvestment of the prepaid spec1.1l tax pending the redemption of such Bonds; and (iii) an amount determined by the C1~ Finance Director or his designee to pay for the applicable Administrative Expenses to provide such prepayment; and (b) decreased in the amount of (i) any special taxes heretofore paid in respect of said Parcel, then held by the Fiscal Agent and available for payment on the Bonds, and (ii) any reduction in the amount on deposit in the reserve fund for the Bonds due to the redemption of the Bonds with the proceeds of such prepayment. The Parcel with respect to which prepayment is made must not be delinquent in any payment of special taxes previously levied within the District. Prepayment shall not relieve any property owner from paying those special taxes which have already become due and payable, and a Notice of Cessation of Special Tax Lien shall not be recorded against any Parcel pursuant to California Government Code Section 53344, until all special taxes with respect to that Parcel have been paid. DEFINITIONS Administrative Expenses means any or all of the following: the fees and expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the City in carrying out its duties with respect to the District or otherwise under the Fiscal Agent Agreement (including, but not limited to, the levy and collection of the special taxes) including the fees and expenses of its counsel, an allocable share of the salaries of the City staff directly related to the administration of the District and the Bonds and a proportionate amount of City general administrative overhead related thereto (as allocated in accordance with City policies and practices), any amount required to pay any rebate liability to the federal government and to pay -age .:i o: o a:\moorpark\1997-1\r&mafinal.doc 07/09/97 3 000024 JUL 09 '97 14:30 PAGE.03 the costs incurred to calculate any possible rebate liability, fees and expenses incurred to comply with any disclosure obligations with respect to the Bonds and/or the District, and all other costs and expenses of the City or the Fiscal Agent incurred in connection with the discharge of their respective duties under the Fiscal Agent Agreement, and, in the case of the City, in any way related to administration of the District. Bonds means any and all bonds of the City issued for the District under Mello-Roos Community Facilities Act of 1982, as amended, authorized to be issued under the Resolution of Issuance. Building Floor Area means the square footage of the area included within the surrounding exterior walls of a building, including each floor of multiple story buildings, exclusive of vent shafts and courts (defined herein as open and unobstructed to the sky). The Building Floor Area will be determined by reference to City approved building plans, building permits, certificates of occupancy, or other such documentation as the City Finance Director or his designee shall determine with respect to improvements existing as of May 1 preceding the then current Fiscal Year. City means the City of Moorpark. County means the County of Ventura. Debt Service, for each Fiscal Year, is the total annual principal and interest payable on the Bonds during the Bond year which commences in such Fiscal Year, less any capitalized interest and any other amounts remaining in a bond fund held under the Fiscal Agent Agreement as of the end of the previous Fiscal Year and available to pay such principle and interest. Developed means Parcels classified as such, due to City approved building plans, building permits, certificates of occupancy, or other such documentation as the City Finance Director or his designee shall determine. The status of a Parcel shall be determined as of June 1 preceding each Fiscal Year. District means the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements). Fiscal Agent means the Fiscal Agent designated under the Fiscal Agent Agreement. Fiscal Agent Agreement means the agreement by that name approved by the Resolution of Issuance and relating to any then outstanding Bonds, and as it may be amended and/or supplemented from time to time. Fiscal Year means the period starting on July 1 and ending the following June 30. Land Area means the total acreage measurement of a Parcel. Parcel means any County Assessor's parcel or portion thereof that is within the boundaries of the District based on the equalized tax rolls of the County, which is Taxable Property. ,-,age ~ .Jr o a:\moorpark\1997-1 \r &mafinal.doc 07 /09/97 4 000025 JUL 09 '97 14:31 PAGE.04 From: Alan C KapanIcas To: Fax#5298270 Date 7/9/97 Time 2 13 34 PM Resolution of Issuance is any Resolution adopted by the City authorizing the issuance of Bonds. Services means the maintenance of parks, parkways and open space within or in the vicinity of the District, in addition to those services provided in the territory of the District prior to April 2, 1997 and do not supplant services already available within that territory, including maintenance of landscaping improvements to be financed by the District. Special Tax Liability for any Fiscal Year is an amount sufficient to pay Debt Service for such Fiscal Year, Administrative Expenses for such Fiscal Year, an amount necessary to replenish any reserve funds for the Bonds, an amount determined by the City Finance Director or his designee to offset past or projected future special tax delinquencies, an amount determined by the Finance Director or his designee as necessary to pay for Services to be rendered in such Fiscal Year, and an amount determined by the City Finance Director or his designee as necessary to make any other payments required to be made in the applicable Fiscal Year by the City or District under the Fiscal Agent Agreement for the Bonds and any supplements thereto. Taxable Property is all real property within the boundaries of the District, except that the following property shall not be taxed: any acres of land owned, conveyed or irrevocable offered for dedication to and accepted by a public agency, or land which is a public right of way or which is an unmanned utility easement making impractical its utilization for other than the purpose set forth in the easement, and excluding however, that property designated as Lot 3 on the attached Map of Zones which is intended to be exempted from the District upon filing of a revised boundary map, up to an aggregate of 138.26 acres, but under no circumstances will Zone A be less than 40 acres and Zone B be less than 33 acres. Notwithstanding the aforementioned, if any part of a Parcel is Taxable Property, then all of that Parcel shall be designated as Taxable Property. Zone A means the area shown on the attached Map of Zones, such that Zone A includes all of the area noted as "Lot 1" and "Lot 2". The total acreage of Zone A designated as Taxable Property shall not be less than 40 acres. Zone B means the area shown on the attached Map of Zones, such that "Zone B" includes all of the area noted as "Lot 4". The total acreage of Zone B designated as Taxable Property shall not be less than 33 acres. 000026 a:\moorpark\1997-1 \r&mafinaLdoc 07/09/97 5 PAGE.05 RESOLUTION NO. 97-l '?~\ --- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 97-1 (CARLSBERG BUSINESS PARK PUBLIC' IMPROVEMENTS) WHEREAS, on February 19, 1997, this City Council adopted Resolution No. 97-1280 entitled "A Resolution of the City Council of the City of Moorpark of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention") stating its intention to form the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"); and WHEREAS, on February 19, 1997, this City Council also adopted Resolution No. 97-1281 entitled "A Resolution of City Council of the City of Moorpark of Intention to Incur Bonded Indebtedness of the Proposed City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention to Incur Indebtedness") stating its intention to incur bonded indebtedness within the boundaries of the District for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; and WHEREAS, the Resolution of Intention and the Resolution of Intention to Incur indebtedness called for public hearings to be held on April 2, 1997, which hearings were, due to the complexity of the District continued to April 16, 1997, and rescheduled to July 16, 1997; and WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the determination to proceed with the formation of the District, the provision of facilities and services by the District and the rate and method of apportionment of the special tax to be levied within the District to pay the costs of the services, the facilities and the principal and interest on the proposed indebtedness and the administrative costs of the City relative to the District; and WHEREAS, at said hearing all persons desiring to be heard on all matters· pertaining to the formation of the District, the provision of said facilities (the "Facilities") and services and 1 oooQl.2 the levy of the special tax on property within the District were heard and a full and fair hearing was held; and WHEREAS, at said hearing, the City Council determined to eliminate the funding of services by the District, to clarify the Facilities to be financed by the District and to eliminate any Facilities, other than certain road improvements, to be owned by other jurisdictions; and WHEREAS, subsequent to said hearing, this City Council adopted a resolution entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District" (the "Resolution of Formation"); and WHEREAS, on this date, this City Council held the rescheduled public hearing relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARJ(, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. The foregoing recitals are true and correct. SECTION 2. This City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $10,500,000 within the boundaries of the District. SECTION 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Intention and the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the city in establishing and administering the District. SECTION 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. SECTION 5. The maximum amount of bonded indebtedness to be incurred is $10,500,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. 2 oooQ13 SECTION 6. The bonds shall bear interest at rate or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as this City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this city Council or its designee at the time or times of sale of said bonds. SECTION 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 53353.5 of the Act. The time, place and conditions of said election shall be as specified by separate resolution of this City Council. SECTION 8. This Resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16 th DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk 13003.0l:J2535 3 OOOQ14 1f\fJ\_ RESOLUTION NO. 9 7-\ --- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK CALLING SPECIAL ELECTION WHEREAS, on this date, this City Council adopted a resolution entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District" (the "Resolution of Formation"), ordering the formation of City of Moorpark Community Facilities District No. 97-1 {Carlsberg Business Park Public Improvements) (the "District"), authorizing the levy of a special tax on property within the District and preliminarily establishing an appropriations limit for the District; WHEREAS, on this date, this City Council also adopted a resolution entitled "A Resolution the City Council of the City of Moorpark Determining the Necessity to Incur Bonded Indebtedness Within The city of Moorpark Community Facilities District No. 97-1 {Carlsberg Business Park Public Improvements·)" (the "Resolution to Incur Indebtedness"), determining the necessity to incur bonded indebtedness in the maximum aggregate principal amount of $10,500,000 upon the security of said special tax to be levied within the District; and WHEREAS, pursuant to the provisions of said resolutions, the propositions of the levy of said special tax, the establishment of the appropriations limit and the incurring of the bonded indebtedness shall be submitted to the qualified electors of the District as required by Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"). NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to Sections 53326, 53351 and 53325.7 of the Act, the issues of the levy of said special tax, the incurring of bonded indebtedness and the establishment of said appropriations limit shall be submitted to the qualified electors of the District at an election called therefor as provided below. SECTION 2. As authorized by Section 53353.5 of the Act, the three propositions described in paragraph 1 above shall be combined into a single ballot measure, the form of which is attached hereto as Exhibit "A" and by this reference incorporated herein .. Said form of ballot is hereby approved~ 1 000032 SECTION 3. This city Council hereby finds that fewer than 12 persons have been registered to vote within the territory of the District for each of the ninety (90) days preceding the close of the public hearings heretofore conducted and concluded by this City Council for the purposes of these proceedings. Accordingly, and pursuant to Section 53326 of the Act, this City Council finds that for purposes of these proceedings the qualified electors are the landowners within the District and that the vote shall be by said landowners or their authorized representatives, each having one vote for each acre or portion thereof such landowner owns in the District as of the close of said public hearings. SECTION 4. This City Council hereby calls a special election to consider the measures described in paragraph 2 above, which election shall be held in the City Council Chambers immediately following adoption of this Resolution. The City Clerk is hereby designated as the official to conduct said election. It is hereby acknowledged that the City Clerk has on file the Resolution of Formation, a certified map of the proposed boundaries of the District, and a sufficient description to allow the City Clerk to determine the boundaries of the District. The voted ballots shall be returned to the City Clerk no later than immediately following the adoption of this Resolution; and when all of the qualified voters have voted the election shall be closed. SECTION s. Pursuant to Section 53327 of the Act, the election shall be conducted by hand-delivered ballot pursuant to Section 4000 of the California Elections Code. This City Council hereby finds that paragraphs (a}, (b}, (c) (1) and (c) (3} of said Section 4000 are applicable to this special election. SECTION 6. This City Council acknowledges that the City Clerk has caused to be delivered to each of the qualified electors of the District a ballot in the form set forth in Exhibit "A" hereto. Each ballot indicates the number of votes to be voted by the respective landowner to which it pertains. Each ballot was accompanied by all supplies and written instructions necessary for the use and return of the ballot. The envelope to be used to return the ballot was enclosed with the ballot, had the return postage prepaid, and contained the following: (a} the name and address of the landowner, (b) a declaration, under penalty of perjury, stating that the voter is the owner of record or authorized representative of the landowner entitled to vote and is the person whose name appears on the envelope, (c) the printed name, signature and address of the voter, • (d) the date of signing and place of execution of the declaration 2 000033 pursuant to clause (b) above, and (e) a notice that the envelope contains an official ballot and is to be opened only by the canvassing board. Analysis and arguments with respect to the ballot measures are hereby waived, as provided in Section 53327 of the Act. SECTION 7. The City Clerk shall accept the ballots of the qualified electors in the city Council Chambers upon and prior to the adoption of this Resolution, whether said ballots be personally delivered or received by mail. The City Clerk shall have available ballots which may be marked at said location on the election day by said qualified electors. SECTION 8. This City Council hereby further finds that the provision of Section 53326 of the Act requiring a minimum of 90 days following the adoption of the Resolution of Formation to elapse before said special election is for the protection of the qualified electors of the District. There is on file with the City Clerk a written petition executed by all of the qualified electors of the District requesting a shortening of the time for said special election to expedite the process of formation of the District and waiving any requirement for analysis and arguments 1n connection with the election. Accordingly, this City Council finds and determines that said qualified electors have been fully apprised of and have agreed to the shortened time for the election and waiver of analysis and arguments, and have thereby been fully protected in these proceedings. This City Council also finds and determines that the City Clerk has concurred in the shortened time for the election. SECTION 9. The City Clerk is hereby directed to publish in a newspaper of general circulation circulating within the District a copy of this resolution and a copy of the Resolution to Incur Indebtedness, as soon as practicable after the date of adoption of this Resolution. SECTION 10. This Resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16u DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk 3 000034 EXHIBIT A CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT No. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS) OFFICIAL BALLOT SPECIAL TAX ELECTION (JULY 16, 1997) This ballot is for a special, landowner election. You must return this ballot in the enclosed postage paid envelope to the office of the City Clerk of the City of Moorpark no later than immediately after adoption of the resolution of the City Council calling said election, either by mail or in person. The City Clerk's office is located at 799 Moorpark Avenue, Moorpark, California 93021. To vote, mark a cross (X) on the voting line after the word "YES" or after the word "NO". All marks otherwise made are forbidden. All distinguishing marks are forbidden and make the ballot void. If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the City of Moorpark and obtain another. BALLOT MEASURE: Shall the City of Moorpark incur an indebtedness and issue bonds in the maximum aggregate principal amount of $10,500,000, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), the proceeds of which will be used to finance certain public improvements described in the proceedings to form the District; shall a special tax payable solely from lands within the District be levied annually upon lands within the District to pay for the costs of facilities authorized to be financed by the District, and the principal and interest upon such bonds and the costs of the City in administering the District, and shall the annual appropriations limit of the District be established in the amount of $1,000,000? Yes: No: By execution in the space provided below, you also (a) indicate your waiver of the time limit pertaining to the conduct of the election and any requirement for analysis and arguments with respect to the ballot measure, as such waivers are described and permitted by Section 53326(a) and 53327(b) of the California Government Code, and (b) acknowledge that there will be no services funded by the District, the facilities to be financed by the District will include those facilities described in Exhibit A to the Resolution of Formation of the District a copy which has been provided to you, and that the boundaries of the District will, when new County Assessor's parcel numbers are assigned to the land in the District, not include the land currently identified as Lot 3 which land is intended for residential development. Number of Votes: Property Owner: A-2 Q00035 RESOLUTION NO. 97---- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK DECLARING RESULTS OF SPECIAL ELECTION AND DIRECTING RECORDING OF NOTICE OF SPECIAL TAX LIEN WHEREAS, in proceedings heretofore conducted by this City Council pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"), this City Council on this date adopted a resolution entitled "A Resolution of the City Council of the City of Moorpark Calling Special Election", calling for a special election of the qualified electors within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"); and WHEREAS, pursuant to the terms of said resolution, which are by this reference incorporated herein, said special election was held on this date, and the City Clerk has on file a Canvass and Statement of Results of Election, a copy of which is attached hereto as Exhibit "A"; and WHEREAS, this City Council has reviewed said canvass and hereby approves it. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. The issues presented at said special election were the incurring of a bonded indebtedness in the maximum aggregate principal amount of $10,500,000, the levy of a special tax within the District to be levied in accordance with the rate and method of apportionment heretofore approved by this City Council by its resolution adopted this date entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District", and the approval of an annual appropriations limit of not to exceed $1,000,000 pursuant to said resolution. SECTION 2. Pursuant to said Canvass on file with the City Clerk, the issues presented at said special election were approved by the qualified electors of the District by more than two-thirds of the votes cast at said special election. SECTION 3. Pursuant to said voter approval, the District is 1 OOO(JO!l hereby declared to be fully formed with the authority to incur bonded indebtedness and to levy special taxes as heretofore provided in these proceedings and in the Act. SECTION 4. It is hereby found that all prior proceedings and actions taken by this City Council with respect to the District were valid and in conformity with the Act. SECTION s. The City Clerk is hereby directed to execute and cause to be recorded in the office of the County Recorder of the County of Ventura a notice of special tax lien in the form required by the Act, said recording to occur no later than fifteen days following adoption by the City Council of this Resolution. SECTION 6. This Resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16th DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk 13003.0l:J2534 1 000010 EXHIBIT A CANVASS AND STATEMENT OF RESULT OF ELECTION CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT No. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS) I hereby certify that on July 16, 1997, I canvassed the returns of the election held on July 16, 1997, in the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) and the total number of ballots cast in said District and the total number of votes cast for and against the measure are as follows and the totals as shown for and against the measure are full, true and correct: City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) Special Tax Election, July 16, 1997. Qualified Landowner Votes 208 Votes Cast YES NO BALLOT MEASURE: Shall the City of Moorpark incur an indebtedness and issue bonds in the maximum aggregate principal amount of $10,500,000, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), the proceeds of which will be used to finance certain public improvements described in the proceedings to form the District; shall a special tax payable solely from lands within the District be levied annually upon lands within the District to pay for the cost of facilities authorized to be financed by the District, and the principal and interest upon such bonds and the costs of the City in administering the District, and shall the annual appropriations limit of the District be established in the amount of $1,000,000? IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND this 16 day of July, 1997 By: A-2 Lillian E. Hare, City Clerk. City of Moorpark QOOQ11 RESOLUTION NO. 97----- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK AUTHORIZING THE ISSUANCE OF SPECIAL TAX BONDS OF THE CITY OF MOORPARK FOR COMMUNITY FACILITIES DISTRICT NO. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS), APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT, AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS WHEREAS, this City Council has conducted proceedings under and pursuant to Chapter 2. 5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"), to form the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) (the "District"), to authorize. the levy of special taxes upon the land within the District and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain public facilities and services (the "Facilities"), all as described in the Resolutions entitled, "A Resolution of the City council of the City of Moorpark of Formation of City of Moorpark community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District," and "A Resolution of the City Council of the City of Moorpark Determining the Necessity to Incur Bonded Indebtedness Within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements)", each adopted by the City Council on July 16, 1997, as applicable; and WHEREAS, pursuant to said resolutions, an election was held within the District on July 16, 1997 and on that date the applicable qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirds of the votes cast at said special election; and WHEREAS, there have been submitted to this City Council certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as 1 (.)00027 contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the City for the District designated as "City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements) Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $10,500,000 (or such lesser amount as provided in the next paragraph) are hereby authorized to be issued and sold as provided herein. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement referred to below. • Notwithstanding the foregoing, the Bonds shall not be issued in a principal amount in excess of $7,647,714.20, said amount being equal to three and one-half (3-1/2) times the value of the land in the District, as such land which is shown in the appraisal report prepared by McNamara & Associates, dated February 15, 1997. Subject to compliance with the foregoing, the Bonds will be in compliance with the provisions of the City's Local Goals and Policies for Community Facilities Districts adopted by the City Council on February 19, 1997, including those with respect to a minimum three and one-half to one property value to public lien ratio. SECTION 2. The Fiscal Agent Agreement (the "Fiscal Agent Agreement") with respect to the Bonds, in the form presented to this city Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in said form, with such additions thereto or changes therein as are approved by the City Manager upon consultation with Bond counsel including such additions or changes as are necessary or advisable in accordance with Section 8 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the City Manager. The Fiscal Agent Agreement, as so executed, shall be in compliance with Section 3 hereof; and the date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. . SECTION 3. The bond purchase contract (the "Purchase Contract") between the City and Seidler-Fitzgerald Public Finance· 2 00002b and Miller & Schroeder Financial, Inc. (collectively, the "Underwriters"), in the form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Underwriters to purchase the Bonds contained in the Purchase Contract (provided that the aggregate principal amount of the Bonds sold thereby is not in excess of the limitation described in the second paragraph of Section 1 above, the true interest cost on the Bonds is not in excess of 10% per annum and the underwriters' discount is not in excess of 3% of the aggregate principal amount of the Bonds) and to execute and deliver the Purchase Contract in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Purchase Contract by the City Manager. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the Purchase Contract will result in a lower overall cost. SECTION 4. The official statement relating to the Bonds (the "Official Statement"), in the form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute the Official Statement in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel to the City, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement by the City Manager. The Underwriters are hereby authorized to distribute copies of said Official Statement to persons who may be interested in the purchase of the Bonds and is directed to deliver such copies to all actual purchasers of the Bonds. Distribution by the Underwriters of a preliminary official statement relating to the Bonds is hereby approved and authorized. The City Manager is hereby authorized to execute a certificate or certificates to the effect that the Official Statement and such preliminary official statement were deemed "final" as of their respective dates for purposes of Rule 15c2-12 of the Securities Exchange Act of 1934, and is authorized to so deem such statements final. SECTION s. The city hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. 3 .. 000029 SECTION 6. The Acquisition Agreement (the "Acquisition Agreement") between the City and Simi-Conejo Construction, Inc., and the Continuing Disclosure Agreement (the "Disclosure Agreement") to be executed by the City, each in the respective form presented to this City council at this meeting, is hereby approved. The City Manager is hereby authorized and directed to execute and deliver the Acquisition Agreement and the Disclosure Agreement in said forms, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel (including such additions or changes therein as are necessary or advisable in accordance with Section 8 hereof), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Acquisition Agreement and the Disclosure Agreement by the City Manager. SECTION 7. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriters in accordance with written instructions executed on behalf of the City by the City Manager, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Underwriters in accordance with the Purchase Contract, upon payment of the purchase price therefor. SECTION 8. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, and any certificate, agreement, and other document described in the documents herein approved. 4 000030 SECTION 9. This resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16th DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk 13003.0l:J2532 5 (J00031 ORDINANCE NO. AN ORDINANCE LEVYING SPECIAL TAXES WITHIN THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 97-1 (CARLSBERG BUSINESS PARK PUBLIC IMPROVEMENTS) WHEREAS, on February 19, 1997, this City Council adopted Resolution No. 97-1280 entitled "A Resolution of the city Council of the City of Moorpark of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982 11 (the "Resolution of Intention") stating its intention to establish the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements} (the "District"} pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"), to finance certain facilities and services (the "Facilities" and the "Services," respectively}; WHEREAS, notice was published as required by the Act relative to the intention of this City Council to form the District and to provide for the Facilities and Services; WHEREAS, this City Council has held a noticed public hearing as required by Act relative to the determination to proceed with the formation of the District and the rate and method of apportionment of the special tax to be levied within the District to finance a portion of the costs of the Facilities and Services; WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of said special taxes were heard, a community facilities district report was presented and considered by this City Council and a full and fair hearing was held; WHEREAS, subsequent to said hearing, this City Council eliminated the funding of the Services and some of the Facilities to be financed by the District, and clarified the description of certain other Facilities; • WHEREAS, also subsequent to said hearing, this city Council adopted resolutions entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District" (the "Resolution of Formation"), "A Resolution the City Council of the City of Moorpark Determining the Necessity to 1 OOOQ05 Incur Bonded Indebtedness Within the City of Moorpark Community Facilities District No. 97-1 (Carlsberg Business Park Public Improvements)" and "A Resolution the City Council of the City of Moorpark Calling Special Election", which resolutions established the District, authorized the levy of a special tax with the District, and called an election within the District on the proposition of incurring indebtedness, levying a special tax, and establishing an appropriations limit within the District, respectively; and WHEREAS, an election was held within the District in which the eligible landowner electors approved said propositions by more than the two-thirds vote required by the Act. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK ORDAINS AS FOLLOWS: SECTION 1. By the passage of this Ordinance this City Council hereby authorizes and levies special taxes within the District pursuant to California Government Code Sections 53328 and 53340, at the rates and in accordance with the method of apportionment set forth in Exhibit B to the Resolution of Formation (the "Rate and Method of Apportionment"). The special taxes are hereby levied commencing in fiscal year 1997-98 and in each fiscal year thereafter until payment in full of any bonds of the City issued for the District (the "Bonds"), payment of all costs of the Facilities to be paid with such funds, and payment of all costs administering the District. SECTION 2. The Finance Director of the City is hereby authorized and directed each fiscal year to determine the specific special tax rate and amount to be levied for the next ensuing fiscal year for each parcel of real property within the District, in the manner and as provided in the Rate and Method of Apportionment. SECTION 3. Properties or entities of the State, federal or local governments shall be exempt from any levy of the special taxes, to the extent set forth in the Rate and Method of Apportionment. In no event shall the spec_ial taxes be levied on any parcel within the District in excess of the maximum tax specified in the Rate and Method of Apportionment. SECTION 4. All of the collections of the special tax shall be used as provided for in the Act, the Rate and Method of Apportionment, and in the Resolution of Formation including, but not limited to, the payment of principal and interest on the Bonds, the replenishment of the reserve fund for the Bonds, the payment of the costs of the Facilities, the payment of the costs of the City in administering the District and the costs of collecting and 2 000006 administering the special tax. SECTION 5. The special taxes shall be collected from time to time as necessary to meet the financial obligations of the District on the secured real property tax roll in the same manner as ordinary ad valorem taxes are collected. The City Finance Director is hereby authorized and directed to provide all necessary information to the auditor/tax collector of the County of Ventura and to otherwise take all actions necessary in order to effect proper billing and collection of the special tax, so that the special tax shall be levied and collected in sufficient amounts and at the times necessary to satisfy the financial obligations of the District in each fiscal year until the Bonds are paid in full and provision has been made for payment of all of the administrative costs of the District. Notwithstanding the foregoing, the Finance Director of the City may collect one or more installments of the special taxes by means of direct billing by the City of the property owners within the District, if, in the judgment of the Finance Director, such means of collection will reduce the administrative burden on the City in administering the District or is otherwise appropriate in the circumstances. In such event, the special taxes shall become delinquent if not paid when due as set forth in any such respective billing to the property owners. Whether the special taxes are levied in the manner provided in the first or the second preceding paragraph, the special taxes shall have the same lien priority, and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes. In addition, the provisions of Section 53356.1 of the Act shall apply to delinquent special tax payments. SECTION 6. If for any reason any portion of this ordinance is found to be invalid, or if the special tax is found inapplicable to any particular parcel within the District, by a Court of competent jurisdiction, the balance of this ordinance and the application of the special tax to the remaining parcels within the District shall not be affected. 3 060007 SECTION 7. The Mayor shall sign this Ordinance and the City Clerk shall cause the same to be published within fifteen (15) days after its passage at least once in a newspaper of general circulation published and circulated in the City. PASSED, APPROVED, AND ADOPTED THIS 16TH DAY OF JULY, 1997. Patrick Hunter, Mayor ATTEST: Lillian E. Hare, City Clerk C:\WPD<XS\ORDINANC.W51 4 QOOQOS